Magma Fincorp aims to disburse over 40% on retail loan in FY '13

CHENNAI: Asset finance company Magma Fincorp aims to disburse over 40 per cent on its retail loan portfolio in Tamil Nadu during this financial year, a top company official said today.

"We will continue with our focus on providing asset finance in Tamil Nadu and expect to grow further," company's Vice-President Dhrubashish Bhattacharya said in a statement.

The Kolkata-based company disbursed Rs 246 crore in Tamil Nadu last fiscal and plans to ramp up disbursements over 40 per cent in retail loans in this financial year, he said.

Stating that the company's car, suvidha and tractor finance divisions grew by 123 per cent, 215 per cent and 122 per cent, respectively, he said in the first half of this fiscal, the company grew by 50 per cent across all segments.

Magma currently has offices in Coimbatore, Madurai, Puducherry, Salem, Vellore, Tiruchirapalli, besides Chennai, employing over 200 persons, the statement added.